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Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
ITAT upheld addition under section 68 regarding unexplained cash deposits of Rs. 78,00,000/- as assessee failed to provide satisfactory explanation or supporting documentation despite opportunities from AO and CIT(A). Assessee's alternative plea to apply 8% presumptive taxation under section 44AD was rejected as turnover exceeded eligible threshold of Rs. 60 lakh. However, ITAT deleted AO's addition of 8% presumptive tax on remaining turnover of Rs. 28,14,676/-, accepting explanation that deposits originated from assessee's business profits and father's savings/business accruals. Tribunal found father's business history with turnover between Rs. 51-62 lakh made explanation plausible. Appeal partially allowed with respect to smaller cash deposits while maintaining primary addition under section 68.
ITAT upheld addition under section 68 regarding unexplained cash deposits of Rs. 78,00,000/- as assessee failed to provide satisfactory explanation or supporting documentation despite opportunities from AO and CIT(A). Assessee's alternative plea to apply 8% presumptive taxation under section 44AD was rejected as turnover exceeded eligible threshold of Rs. 60 lakh. However, ITAT deleted AO's addition of 8% presumptive tax on remaining turnover of Rs. 28,14,676/-, accepting explanation that deposits originated from assessee's business profits and father's savings/business accruals. Tribunal found father's business history with turnover between Rs. 51-62 lakh made explanation plausible. Appeal partially allowed with respect to smaller cash deposits while maintaining primary addition under section 68.
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